Tuesday, 10 November 2015

Real Property Interest

In real property interest, One's interest in real property may be classified as estates in land & as other interests les than estates. These refer to the duration, extent, & quantity of the property interest. Estate in land comprise freehold & less than freehold estates. ( what is property ? )
All freehold estates are of indeterminate term. Fee simple absolute is a freehold estate to anyone. A free tail is a freehold estate in which descent is limited to heirs of the done. A defeasible estate is a freehold estate of inheritance, except that such estate may terminate upon the occurrence or nonoccurrence of a subsequent event. Live estate are freehold estates that are not of inheritance, in which the possessory period is determined by the life of the holder or by the life of another. Upon such death, the estate passes to those specified by the original grantor.
Less than freehold estates are of limited term and include estates for years, estates at will, and estate at sufferance. The estate for years is a possessory interest for a determinate period, while the estate at will may be terminated at will by either party. An estate at sufferance is unlawful tenancy by the holdover tenant. With the exception of the tenant at sufference, each of these estates was enforceable at English common law.
In addition, the common law estate of curtesy gave the husband substantial rights in his wife's lands during their marriage and full life estate if they had children. Common law dower gave the surviving wife by a one third life estate in the lands legally owned by her husband. Civil law has substantially modified common law dower and curtesy. Interest in land less than estates include easements. For example, a right of way over another's land, profits such as the right to cut another's timber for sale, and restictive covenants such as private deed restrictions.

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